Swedish fastener manufacturer Bulten AB reported sales increased 1.4% to SEK 821 million (810) in the opening quarter of 2020, with operating earnings falling 25% to SEK 43 million and net earnings down 79% to SEK 9 million.

Q1 order bookings decreased 6% to SEK 688 million.

“Already in February, car production stopped in China, and during March most of Bulten’s customers closed down their production units in Europe and North America,” stated CEO Anders Nyström.

“The prevailing uncertain production situation in the automotive industry means that the development in the coming months remains difficult to predict,” he added.  “At the end of the quarter, however, vehicle production in China started to recover from the COVID-19 situation, but has still not reached previous levels.”

In March, Bulten acquired PSM International for $24.5 million.  Founded in 1931, PSM manufactures and supplies fasteners to international markets, primarily automotive, with 350 employees and production facilities in China, Taiwan and the UK, as well as distribution centers in 22 countries.  Web: psminternational.com

Bulten is coordinating its business with PSM and moving into a shared building in Streetsboro, OH, between Bulten’s current plant in Hudson and PSM’s in Youngstown.  The $1 million relocation will begin this spring and is expected to be completed by the fall.

In early April executive VP & CFO Helena Wennerström announced her resignation, effective September 30.  Wennerström has been working for Bulten for 18 years and was promoted to CFO in 2014.  Previously she was CFO of FinnvedenBulten.

Founded in 1873, Sweden-based Bulten supplies fasteners to the international automotive industry, with 1,400 employees in eight countries.  Web: Bulten.com